ICICI Bank cuts home loan rates

ICICI bank has cut its floating rate on home loans by up to 100 basis points until December end the country's second-largest lender said on Thursday.

For loans up to 3 million rupees ($56 500) the bank will charge 10.25% interest ICICI said. It earlier used to charge 10.5% for loans up to 3 million rupees.

The interest rate for loans between 3 million rupees and 30 million rupees will be 10.5% down from 11.5% the bank said adding the new rates are applicable only for the festive period that starts in October and ends in December.($1 = 53.1350 Indian rupees)